Patrick Properties, which owns Fish Restaurant, the American Theatre and the William Aiken House, has shelved plans to build a 65-room hotel behind its string of holdings on Upper King Street.
The company said it made the decision in order to "re-focus" on its extensive renovation of Lowndes Grove Plantation, a historic property on the Ashley River that it bought for $6.7 million in July.
Financing was not an issue on the proposed hotel, according to Randall Goldman, the company's managing partner. And Patrick Properties was not concerned with the rash of guest rooms that other hotel developers plan to build north of Calhoun Street.
"Lowndes Grove is a monster," Goldman said. "It's best for us at this time to make sure that we hit our deadlines there."
The proposed lodging was scheduled to open in late 2009 and would have been a seven-story block of bronze, copper and brick tucked behind Fish and the American Theatre. Much of the structure would have sat on three parcels that Patrick Properties acquired in May for $9 million.
The hotel, which was designed to complement the company's meeting and wedding business, won the approval and praise of city planners and local preservation groups in mid-September.
At the time, Goldman said that a lack of guest rooms was the only factor limiting the growth of Patrick Properties' hospitality holdings on Upper King. The company played host to about 80 weddings and corporate meetings at the William Aiken House last year, but watched a stream of guests scatter to a variety of peninsular hotels after each event.
It now has 200 weddings on the books at Lowndes Grove, and it is rushing to replace wires, windows and termite-ridden wood before its next nuptial March 1.
Patrick Properties also is building a 700-foot dock at Lowndes Grove and a 1,000 square-foot kitchen house, where catering teams will prepare meals for events on the grounds.
At least two other lodgings are on the books for the area of the peninsula north of Calhoun. Bennett Hofford Co. of Charleston is moving forward on a 185-room Hilton Hotel at Marion Square, and Tara Hospitality Corp., a Charlotte-based firm, has filed plans to build 180 rooms at Meeting and Reid streets.
Patrick Properties has no plans to sell the land that it acquired for the hotel, and it did not rule out a revival of its lodging plans in the future.
"Nothing is ever off the table," Goldman said. "We're eternal optimists."